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New Dawn for the iGaming Industry in the United States

Personal_Finance / Gambling Aug 19, 2019 - 03:09 PM GMT

By: Submissions

Personal_Finance The global gambling sector has been evolving tremendously over the past decade thanks to new or emerging technologies and markets. There is no better time to be in the gambling business than now since we are experiencing a revolution of sorts in as far as the very lucrative gambling sector is concerned. This year, it has been predicted the global gross yield from gambling will be as much as $500 billion – it is expected to be even much higher in the near future.

Unsurprisingly, the United States is expected to be a huge contributor to global gambling revenue. Needless to say, this would not be the case a few years back especially considering how reluctant the country has previously been when it comes to certain gambling activities. This does not necessarily mean that the country was lagging behind in terms of gambling revenue. In fact, its land-based casino operations are very profitable and attract visitors from all around the world. Even so, the shifting dynamics of the gambling scene in the United States can definitely not be ignored especially because it will have an impact on the rest of the world.

The Question of Legality

From a legal perspective, gambling in the United States has been through quite the rollercoaster, at least for certain periods of time. As mentioned earlier, there has been laxity in the legalization and regulation of some forms of gambling in the United States and this was due to conflicting ideologies and some very restrictive laws.

To begin with, there is the very controversial 1961 Wire Act which is still causing trouble to date – it has been debated on several occasions specifically due to conflicts between different gambling sectors. In 2011 the Department of Justice (DOJ) Office of Legal Counsel issued a new interpretation of the Wire Act opinion which stated that the law only applied to sports betting. There were attempts to reverse this opinion in early 2019 but these efforts proved futile after a federal court ruled against the move. This happened just as some gambling activities were being considered for legalization in certain states and for a moment there was little hope for elements of gambling such as multistate player pools.

The Wire Act aside, May 2018 saw the delivery of another landmark ruling, only this time it was by the United States Supreme Court. This ruling was the abolishment of the Professional and Amateur Sports Protection Act (PASPA), a move that officially lifted the federal ban on sports betting and gave the states the power to decide on whether or not they wanted to legalize and regulate the activity.

These two laws have certainly been monumental to the state of the gambling industry and each of them has had an impact on how things have turned out.

Online Gambling and the UIGEA

Online gambling has existed in the United States since the very early days of the internet. In that period, there have been ups and downs with one of the biggest hurdles it faced being the Unlawful Internet Gambling Act (UIGEA). While this Act is not much of an issue at this time, it shaped the online gambling industry in very many ways that it would be difficult to dismiss it.

Online gambling has spread to a number of states and the industry is even anticipated to rise to an awe-inspiring 81.71 billion in revenue by 2022 according to experts at Legalization of online gambling has been spreading to many more states across the country thanks to newly forged partnerships and massive technological advancements. Things are looking up for this industry. Case in point, a recent market forecast estimate that the legalization of online poker along would result in about 10,000 jobs as well as $2 billion in tax revenue every year. That is definitely a great place to start.

Enter Sports Betting

Since the unanimous Supreme Court ruling was delivered by the Supreme Court in May 2018, sports betting has gone beyond Nevada and has either been legalized or is being considered for legalization in 13 states. Moreover, over 20 other states have similar considerations in the works – sports betting bills are expected to be tabled in at more than 35 states by the time 2020 rolls sounds. Now, the biggest impact from this will be from the fact that over half of Americans will be living in states where sports betting is legalized and regulated.

To put the significance of this into perspective, we must look back at how fast the country's sports betting industry has grown since PASPA was abolished just a little over a year ago. For instance, there have been several new partnerships in various states, some professional sports leagues finally came to their senses and embraced the activity and almost $259 million in revenue has been generated. Could it get any better than that? Well, it definitely will.

New Frontiers

The future of gambling in both the United States and the rest of the world is about to become incredibly diverse. New forms of gambling have emerged and some of them are already gaining a lot of traction. People are now even able to play casino games within other video games. But these are just the tip of the iceberg. What we should already be looking at keenly at is esports.

esports are not an entirely new phenomenon, especially for the modern generation. Today, esports is a fully-fledged industry whose revenue dwarves that of several industries that have had decades in operation. Esports is still growing and its rapid growth has led to the rapid growth of gambling-related activities. It comes as no surprise that people would be betting on esports but the value of that particular market was way above what many people expected it to be. Already a number of esports gambling sites have come up and this has motivated existing gambling platforms to offer odds on competitive video games.

Finally, you might have had of cryptocurrencies and blockchain and how they are set to change the world. This might be true but one thing is for sure, they are already having quite the impact on the gambling industry. Blockchain casinos are quite common these days and many of them even have their own digital currencies to boot. Not many people saw this coming.

Anyway, brace yourself because it is about to get very exciting.

By Nancy Miles

© 2019 Copyright Nancy Miles - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

© 2005-2019 - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.

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